UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 38919 / August 11, 1997
Administrative Proceeding
File No. 3-9361
CEASE-AND-DESIST PROCEEDINGS INSTITUTED AGAINST WILLIAM N. BRIGGS
The Securities and Exchange Commission has instituted cease-and-desist
proceedings against William N. Briggs ("Briggs") pursuant to Section 21C of
the Securities Exchange Act of 1934 ("Exchange Act"). Briggs is currently
the Chief Financial Officer of the Philadelphia Stock Exchange. Formerly,
from 1983 to May 1995, he was employed by the Stock Clearing Corporation of
Philadelphia ("SCCP") and the Philadelphia Depository Trust Company
("Philadep").
The Commission's Order alleges that Briggs was a cause of violations
of Section 19(g) of the Exchange Act by SCCP and Philadep. The Order
alleges that Briggs was a cause of four of SCCP's and Philadep's
violations: SCCP's and Philadep's failure to safeguard their participants'
fund deposits from unapproved uses; SCCP's application of an unapproved cap
on its participants' fund formula; SCCP's use of inaccurate pricing to
calculate mark-to-market payments; and Philadep's application of a volume
discount fee without required Board approval and without filing said fee
with the Commission.
The Commission also instituted and simultaneously settled separate
administrative and cease-and-desist proceedings against SCCP and Philadep
and cease-and-desist proceedings against Timothy J. Guiheen, former
President and CEO of SCCP and Philadep.
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